The Accounts Receivable Purchase Agreement is a critical financial instrument used in Belgium for companies seeking to optimize their working capital and cash flow management. This document is essential when a business wishes to sell its accounts receivable to a financial institution (factor) in exchange for immediate cash, typically at a discount. The agreement must comply with Belgian civil law requirements for assignment of receivables, financial regulations, and data protection laws. It details the mechanisms for identifying eligible receivables, determining purchase prices, managing collections, and handling reporting requirements. The document becomes particularly relevant in scenarios where companies need to improve their liquidity position, reduce credit risk, or outsource receivables management functions. It includes specific provisions required under Belgian law for ensuring valid assignments and enforceable security interests.
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1. Parties: Identification of the Seller (originator) and Purchaser (factor), including registration details required under Belgian law
2. Background: Context of the agreement, business relationship, and purpose of the receivables purchase arrangement
3. Definitions and Interpretation: Definitions of key terms including Eligible Receivables, Purchase Price, Cut-off Date, and other technical terms
4. Sale and Purchase of Receivables: Core provisions regarding the sale and assignment of receivables, including true sale provisions
5. Purchase Price and Payment Terms: Calculation of purchase price, discount rate, reserves, and payment mechanics
6. Eligibility Criteria: Criteria for receivables to qualify for purchase under the agreement
7. Representations and Warranties: Seller's representations regarding receivables, business operations, and compliance with laws
8. Servicing of Receivables: Administration, collection, and management of purchased receivables
9. Information and Reporting: Reporting obligations, access to information, and audit rights
10. Data Protection and Privacy: GDPR compliance and data processing arrangements
11. Events of Default: Default triggers and consequences
12. Termination: Termination events, process, and consequences
13. Governing Law and Jurisdiction: Belgian law governance and jurisdiction provisions
14. General Provisions: Standard boilerplate clauses adapted for Belgian law
1. Credit Insurance: Required when receivables are covered by credit insurance policies
2. Security Arrangements: Needed when additional security is provided beyond the receivables assignment
3. Cross-Border Provisions: Required when dealing with receivables from multiple jurisdictions
4. Electronic Platform: Necessary when using an electronic platform for receivables administration
5. Reserve Account: Include when a reserve mechanism is part of the commercial arrangement
6. Customer Notification: Required when immediate notification to debtors is part of the arrangement
7. Parent Company Guarantee: Include when seller's obligations are guaranteed by a parent company
1. Schedule 1 - Eligibility Criteria: Detailed list of criteria for acceptable receivables
2. Schedule 2 - Form of Assignment: Template for individual assignments meeting Belgian law requirements
3. Schedule 3 - Operational Procedures: Detailed procedures for daily operations and receivables administration
4. Schedule 4 - Reporting Requirements: Templates and timing for required reports
5. Schedule 5 - Fee Structure: Detailed breakdown of fees, charges, and calculation methods
6. Schedule 6 - Form of Debtor Notification: Template for notifying debtors of the assignment
7. Schedule 7 - Data Processing Agreement: GDPR-compliant data processing terms
8. Schedule 8 - Form of Compliance Certificate: Template for periodic compliance certification
9. Appendix A - Initial Receivables Portfolio: List of receivables included in initial purchase
10. Appendix B - Excluded Debtors: List of debtors whose receivables are excluded from the arrangement
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